Swiss-based Audemars Piguet is present in India through points of sales in New Delhi and MumbaiAnumeha Chaturvedi | ET Bureau | October 26, 2017, 13:30 IST

Sales of Audemars Piguet watches in India have remained robust despite demonetisation and the roll out of the goods and services tax, a top executive of the luxury watchmaker said.

Swiss-based Audemars Piguet, which manufactures 40,000 timepieces a year, is considered the oldest haute horlogerie manufacturer still in the hands of its founding families (Audemars and Piguet). It is present in India through points of sales in New Delhi and Mumbai.

“Our sales this year, despite demonetisation or changes in taxation, are stable and robust. Our partners in India have so far given me an indication that they have a positive outlook,“ Jonathan King, who was appointed Audemars Piguet's CEO for Southeast Asia last month, told ET.“So, despite these major shifts like demonetisation and the goods and services tax regime, we remain optimistic for the future. With the high level of awareness and sophistication I have seen so far among customers here I have no doubt that we could have an excellent evolution here.“

The luxury watchmaker, founded in 1875, retails traditional time pieces, sporty models as well as ladies' jewellery watches.

“My expectations are that the southeast Asian zone will grow. I believe that the true demand for the future will be in these countries which represent 2 billion people,“ King said. “We have two points of sales in Delhi and Mumbai.But, it's not about the number of points of sales. If we look on a global basis, we know that we have many customers and passionate connoisseurs here who buy Audemars Piguet around the world. So we know that there is an enormous demand for our creations.“

The company's business operations are equally balanced around various geographies, he said. “About 20-30% of our business would be reflected by north and south America; Europe would be 30% including the Middle East, and Asia Pacific would account for the rest. It is relatively rare in our industry that we are so well balanced,“ he said. King said the brand has been unaffected by global geo-political developments and slower growth in China.

“The reason so many luxury brands have been focusing on China and greater China is the speed of evolution. And that's been a great bandwagon for many brands to jump on. We have been more cautious about that, and that has paid enormous dividends,“ he said. “We produce 40,000 watches a year and it gives us a certain resilience. No matter what the changes in global markets, our customers still enjoy creativity, innovation, quality and value and those are universal constants.“

King said the company has weathered world wars, the great depression and the quartz crisis, which devastated the mechanical industry.